TruGolf Holdings (TRUG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TRUG SEC filings page.
TruGolf Holdings (TRUG) reported $20.0M in revenue over the twelve months to Jun 30, 2026, down 11.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue contraction and gross-margin compression exposed overhead rigidity, while cash consumption improved before profitability.
FY2025 paired lower revenue with50.4% gross margin; weaker unit economics made scale less helpful, rather than merely slowing growth. Operating loss reached-$6.1M while SG&A reached$11.0M , showing overhead rigidity as spending failed to flex with the smaller sales base.
Free cash flow deficit narrowed from
Equity moved from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of TruGolf Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
TruGolf Holdings held $10.5M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $1.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and TruGolf Holdings scores 72/100 among other emerging companies.
TruGolf Holdings had 914,267 shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and TruGolf Holdings scores 100/100 among other emerging companies.
Not available for TruGolf Holdings, and counted as zero in the overall score.
TruGolf Holdings reported revenue of $18.9M in fiscal year 2025, against $21.9M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and TruGolf Holdings scores 38/100 among other emerging companies.
TruGolf Holdings's operations used $1.7M of cash in fiscal year 2025, against $4.0M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and TruGolf Holdings scores 81/100 among other emerging companies.
TruGolf Holdings's cash, cash equivalents and investments came to $10.5M at the end of fiscal year 2025, against $15.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and TruGolf Holdings scores 49/100 among other emerging companies.
TruGolf Holdings scores -2.82, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($730K) relative to total liabilities ($15.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
TruGolf Holdings passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
TruGolf Holdings reported a net loss of $15.2M while operations used $1.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
TruGolf Holdings reported an operating loss of $6.1M against $663K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
TruGolf Holdings generated $5.8M in revenue in Q2 2026. This represents an increase of 34.4% from the same quarter a year earlier. Against the prior quarter it is up 15.4%.
TruGolf Holdings's EBITDA was $89K in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 104.8% from the same quarter a year earlier. Against the prior quarter it is up 111.1%.
TruGolf Holdings reported -$448K in net income in Q2 2026. This represents an increase of 86.5% from the same quarter a year earlier. Against the prior quarter it is up 69.1%.
Cash & Balance Sheet
TruGolf Holdings recorded an outflow of $1.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 49.0% from the same quarter a year earlier. Against the prior quarter it is down 586.6%.
TruGolf Holdings held $6.4M in cash against $2.1M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
TruGolf Holdings's gross margin was 59.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 18.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.4 percentage points.
TruGolf Holdings's operating margin was -3.8% in Q2 2026, reflecting core business profitability. This is up 39.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 22.0 percentage points.
TruGolf Holdings's net profit margin was -7.7% in Q2 2026, showing the share of revenue converted to profit. This is up 69.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 21.1 percentage points.
TruGolf Holdings's ROE was -21.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 55.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 36.0 percentage points.
Capital Allocation
TruGolf Holdings invested $98K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 438.1% from the same quarter a year earlier. Against the prior quarter it is up 25.1%.
Not reported for Q2 2026.
Not reported for Q2 2026.
TRUG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8M+34.4% | $5.0M-6.8% | $5.1M-24.7% | $4.1M-34.2% | $4.3M+11.3% | $5.4M+7.5% | $6.7M-0.9% | $6.2M+81.7% |
| Cost of Revenue | $2.3M-8.3% | $2.3M+29.8% | $3.8M+69.6% | $1.3M-34.6% | $2.5M+95.2% | $1.8M-8.1% | $2.2M-32.7% | $1.9M+25.5% |
| Gross Profit | $3.5M+95.5% | $2.7M-22.0% | $1.5M-62.9% | $2.8M-34.0% | $1.8M-31.1% | $3.4M+12.6% | $3.9M+12.6% | $4.3M+127.2% |
| SG&A Expenses | $2.4M-7.2% | $3.2M+16.8% | $2.3M+84.5% | $3.3M+111.6% | $2.6M+30.7% | $2.7M+49.3% | $1.2M+238.5% | $1.6M-14.2% |
| Operating Income | -$222K+88.1% | -$1.3M-4.9% | -$1.9M-51.2% | -$1.1M-227.7% | -$1.9M-138.2% | -$1.2M-30.8% | -$1.2M+32.3% | $872K+137.5% |
| EBITDA | $89K+104.8% | -$803K+28.3% | -$895K+11.3% | -$1.1M-224.9% | -$1.9M-143.1% | -$1.1M-23.3% | -$1.0M+44.8% | $880K+138.1% |
| Interest Expense | $264K-82.6% | $207K+432.4% | -$1.0M+25.5% | $108K-88.8% | $1.5M+84.8% | $39K-59.7% | -$1.3M-583.4% | $971K+171.0% |
| Net Income | -$448K+86.5% | -$1.4M+45.8% | -$2.0M+66.6% | -$7.3M-11995.1% | -$3.3M-111.6% | -$2.7M-105.1% | -$5.9M-1529.1% | -$60K+97.7% |
| EPS (Basic) | -$0.37+92.0% | -$2.75+93.8% | -$38.03-7822.9% | -$4.87 | -$4.63-3758.3% | -$44.24-20009.1% | -$0.48+99.8% | $0.00+100.0% |
| EPS (Diluted) | -$0.37 | -$2.75 | -$38.03 | -$4.87 | -$4.63 | -$44.24 | -$0.48 | $0.00+100.0% |
| Diluted Shares (Avg) | 1M | 527,000 | N/A | 1M-88.8% | 717,928 | 60,356 | N/A | 13M+110220.2% |
Not reported in any period shown, so not listed: R&D Expenses, Income Tax.
TRUG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $18.0M-26.1% | $19.6M-5.4% | $20.2M+17.7% | $23.0M+34.9% | $24.4M+73.1% | $20.7M+33.8% | $17.1M+8.7% | $17.0M+143.2% |
| Current Assets | $12.2M-41.9% | $14.4M-21.2% | $15.5M+4.6% | $19.2M+32.9% | $21.0M+78.8% | $18.2M+50.1% | $14.8M+16.9% | $14.4M+105.8% |
| Cash & Equivalents | $6.4M-20.9% | $8.8M-16.0% | $10.5M+19.2% | $11.4M+53.4% | $8.1M+21.2% | $10.5M+34.4% | $8.8M+166.3% | $7.5M+1984.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $0 |
| Inventory | $1.4M-48.4% | $1.4M-64.7% | $863K-63.3% | $2.7M+15.1% | $2.7M+15.5% | $3.9M+65.0% | $2.3M+10.9% | $2.3M |
| Accounts Receivable | $1.3M-42.1% | $1.3M-16.8% | $1.1M-24.2% | $2.2M-50.5% | $2.2M-16.9% | $1.6M-18.2% | $1.4M-41.7% | $4.5M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $15.9M-20.5% | $17.1M-32.4% | $15.9M-27.1% | $16.7M-38.7% | $20.0M-18.4% | $25.3M+3.0% | $21.8M+10.6% | $27.3M+94.5% |
| Current Liabilities | $14.5M-20.0% | $15.7M-14.0% | $14.4M-8.7% | $15.0M-7.1% | $18.2M+53.9% | $18.2M+87.8% | $15.8M+47.9% | $16.2M+365.6% |
| Non-Current Liabilities | $1.4M-25.2% | $1.4M-79.7% | $1.5M-75.4% | $1.7M-84.5% | $1.9M-85.3% | $7.1M-52.4% | $6.0M+35.7% | $11.1M+151.0% |
| Long-Term Debt | $2.1M-36.2% | $2.3M-36.8% | $2.3M-36.8% | $3.2M+12.9% | $3.3M+80.0% | $3.6M+94.6% | $3.6M+69.7% | $2.8M |
| Total Equity | $2.1M-52.2% | $2.5M+154.9% | $4.3M+192.7% | $6.3M+157.4% | $4.3M+141.1% | -$4.6M+49.7% | -$4.6M-18.5% | -$10.9M-55.6% |
| Retained Earnings | -$48.2M-77.7% | -$44.5M-86.7% | -$41.1M-94.2% | -$36.8M-140.8% | -$27.1M-78.2% | -$23.8M-74.4% | -$21.2M-71.2% | -$15.3M-107.4% |
Not reported in any period shown, so not listed: Goodwill.
TRUG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.3M-41.2% | -$122K+72.8% | $280K+104.0% | -$624K-236.9% | -$905K-1620.0% | -$449K-116.8% | -$7.1M-58395.2% | $456K+139.9% |
| Depreciation & Amortization | $312K+2374.6% | $492K+326.6% | $384K+1368.8% | $15K+96.4% | $13K-40.0% | $115K+219.3% | -$30K-333.7% | $7K-57.5% |
| Stock-Based Compensation | N/A | N/A | N/A | $3K | $3K | $3K | N/A | N/A |
| Capital Expenditures | $98K+438.1% | $78K+21.9% | $107K | $52K | -$18K | $64K-80.7% | N/A | N/A |
| Free Cash Flow | -$1.4M-49.0% | -$200K+61.0% | $173K | -$676K | -$924K | -$513K-122.0% | N/A | N/A |
| Investing Cash Flow | -$1.0M+19.4% | -$1.1M-241.9% | -$943K-134.8% | -$879K-64.6% | -$1.3M-16.2% | -$335K-0.7% | $2.7M+2522.6% | -$534K-1840.8% |
| Financing Cash Flow | -$153K+43.7% | -$366K-114.5% | -$303K-103.9% | $4.9M+454.9% | -$271K-1197.7% | $2.5M+2632.7% | $7.8M+16431.4% | $879K+1.7% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TRUG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.8%+18.7pp | 53.4%-10.4pp | 28.8%-29.7pp | 69.3%+0.2pp | 41.1%-25.3pp | 63.8%+2.9pp | 58.5%+7.0pp | 69.2%+13.8pp |
| Operating Margin | -3.8%+39.6pp | -25.8%-2.9pp | -37.1%-18.6pp | -27.1%-41.1pp | -43.4%-23.1pp | -22.9%-4.1pp | -18.5%+8.6pp | 14.0%+81.7pp |
| Net Margin | -7.7%+69.3pp | -28.8%+20.7pp | -38.6%+48.4pp | -177.3% | -77.0%-36.5pp | -49.5%-23.6pp | -87.0%-81.7pp | -1.0%+76.6pp |
| Return on Equity | -21.7%+55.3pp | -57.7% | -45.5% | -116.3% | -77.0% | N/A | N/A | N/A |
| Return on Assets | -2.5%+11.1pp | -7.4%+5.5pp | -9.7%+24.5pp | -31.7%-31.3pp | -13.6%-2.5pp | -12.9%-4.5pp | -34.2%-31.9pp | -0.4%+37.6pp |
| Current Ratio | 0.84-0.3x | 0.92-0.1x | 1.07+0.1x | 1.28+0.4x | 1.16+0.2x | 1.00-0.3x | 0.94-0.2x | 0.89-1.1x |
| Debt-to-Equity | 1.02+0.3x | 0.90 | 0.52 | 0.51 | 0.76 | N/A | N/A | N/A |
| Asset Turnover | 0.32+0.1x | 0.260.0x | 0.25-0.1x | 0.18-0.2x | 0.18-0.1x | 0.26-0.1x | 0.390.0x | 0.37-0.1x |
| FCF Margin | -23.8%-2.3pp | -4.0%+5.5pp | 3.4% | -16.5% | -21.4% | -9.5%-56.1pp | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| TruGolf Holdings TRUG | FY2025 | $18.9M | -$15.2M | -80.7% | $730K | 57/100 |
| Gaxos.AI GXAI | FY2025 | $1.9M | -$3.9M | N/A | $10.4M | 57/100 |
| Blue Hat Interactive Entmt Tec BHAT | FY2024 | $18.7M | -$9.5M | -50.9% | $31K | 23/100 |
| Brag House Holdings Inc. TBH | FY2025 | N/A | -$15.9M | N/A | $12.0M | — |
| Motorsport Games Inc MSGM | FY2025 | $11.3M | $6.9M | 61.3% | $21.0M | 60/100 |
| Gigamedia Ltd GIGM | FY2025 | $3.5M | -$1.6M | -44.7% | $15.4M | 60/100 |
Where TruGolf Holdings Ranks
Frequently Asked Questions
What is TruGolf Holdings's annual revenue?
TruGolf Holdings (TRUG) reported $18.9M in total revenue for fiscal year 2025. This represents a -13.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is TruGolf Holdings's revenue growing?
TruGolf Holdings (TRUG) revenue declined by 13.6% year-over-year, from $21.9M to $18.9M in fiscal year 2025.
Is TruGolf Holdings profitable?
No, TruGolf Holdings (TRUG) reported a net income of -$15.2M in fiscal year 2025, with a net profit margin of -80.7%.
What is TruGolf Holdings's EBITDA?
TruGolf Holdings (TRUG) had EBITDA of -$5.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does TruGolf Holdings have?
As of fiscal year 2025, TruGolf Holdings (TRUG) had $10.5M in cash and equivalents against $2.3M in long-term debt.
What is TruGolf Holdings's gross margin?
TruGolf Holdings (TRUG) had a gross margin of 50.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is TruGolf Holdings's operating margin?
TruGolf Holdings (TRUG) had an operating margin of -32.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is TruGolf Holdings's net profit margin?
TruGolf Holdings (TRUG) had a net profit margin of -80.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is TruGolf Holdings's return on equity (ROE)?
TruGolf Holdings (TRUG) has a return on equity of -354.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is TruGolf Holdings's free cash flow?
TruGolf Holdings (TRUG) recorded an outflow of $1.9M in free cash flow during fiscal year 2025. This represents a 52.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is TruGolf Holdings's operating cash flow?
TruGolf Holdings (TRUG) recorded an outflow of $1.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are TruGolf Holdings's total assets?
TruGolf Holdings (TRUG) had $20.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are TruGolf Holdings's capital expenditures?
TruGolf Holdings (TRUG) invested $205K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is TruGolf Holdings's current ratio?
TruGolf Holdings (TRUG) had a current ratio of 1.07 as of fiscal year 2025, which is considered adequate.
What is TruGolf Holdings's debt-to-equity ratio?
TruGolf Holdings (TRUG) had a debt-to-equity ratio of 0.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is TruGolf Holdings's return on assets (ROA)?
TruGolf Holdings (TRUG) had a return on assets of -75.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is TruGolf Holdings's P/E ratio?
TruGolf Holdings (TRUG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $730K as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is TruGolf Holdings's price-to-sales ratio?
TruGolf Holdings (TRUG) trades at 0.0x sales, its market capitalization divided by revenue of $20.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $730K as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does TruGolf Holdings's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, TruGolf Holdings (TRUG) held $10.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $1.7M over that year. Dividing the one by the other, the reported balance equals about 74 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is TruGolf Holdings's Altman Z-Score?
TruGolf Holdings (TRUG) has an Altman Z-Score of -2.82, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is TruGolf Holdings's Piotroski F-Score?
TruGolf Holdings (TRUG) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are TruGolf Holdings's earnings high quality?
TruGolf Holdings (TRUG) reported a net loss of $15.2M while operations used $1.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can TruGolf Holdings cover its interest payments?
TruGolf Holdings (TRUG) reported an operating loss of $6.1M against $663K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is TruGolf Holdings?
TruGolf Holdings (TRUG) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.